Examine page 85 of the 60D manual, specifically the "Printing Size" column for your answer.
The column indicates the following for Printing Size:
RAW = A2 or larger
M RAW = "around" A3
S RAW = "around" A4
Now the "A" sizes are defined by ISO 216 which defines each size as follows:
A2 = 23.4 x 16.5 inches (594 x 420mm)
A3 = 16.5 x11.7 inches (420 x 297mm)
A4 = 11.7 x 8.3 inches (297 x 210mm)
So, in theory, and very much from a practical standpoint, if all you ever print is 4 x 6 inch prints at the corner drugstore then yes you could get by with S RAW since it can yield an image "around A4" or 11.7 x 8.3 inches (297 x 210mm). But once you have the S RAW image, should it be absolutely fantastic you won't make a decent poster size print. What isn't there just can't be recovered. Hence the reason to best shoot with just the RAW setting, the absolute best in quality, then downsize as required. You'll also find that you can stuff a lot of images on a card even at that setting. My 16 GB card, on a 60D, can store about 500 images (RAW + JPEG). If you must sacrifice on image quality as saved, set a small JPEG. You can always generate a large one if needed from the "large" RAW.